This paper presents a model of a sequential search process for the best outcome of many multi-stage projects. The branching structure of the search environment is such that the payoffs to various actions are correlated; nevertheless, it is shown that the optimal strategy is given by a simple reservation price rule. © 2003 Published by Elsevier Science (USA).
Keller, G., & Oldale, A. (2003). Branching bandits: A sequential search process with correlated pay-offs. Journal of Economic Theory, 113(2), 302–315. https://doi.org/10.1016/S0022-0531(03)00092-9